Wall Street ran at two speeds on Thursday as a rally in financials sent the Dow Jones Industrial Average to close at records, while a selloff in tech sank the Nasdaq.

The S&P 500 added 0.20%, the Dow rose 1.17% to a new record of 18,807, and the Nasdaq fell 0.81%. The Nasdaq had fallen more than 1% at its session low. 

Investors stayed busy on Thursday trying to gauge the types of policies president-elect Donald Trump could enact. Trump won the Electoral College on Tuesday evening but fell short of the popular vote. Markets had priced in a victory for Democratic candidate Hillary Clinton, a result which would have carried less uncertainty over the types of policies she would implement.

Financials benefited from a post-election rally as investors bet on reduced regulatory hurdles for the sector. Trump advisors are also reportedly considering naming JPMorgan Chase(JPM) - Get Report CEO Jamie Dimon as the administration's Treasury secretary. JPMorgan, Wells Fargo(WFC) - Get Report , Citigroup(C) - Get Report , Bank of America(BAC) - Get Report , and HSBC(HSBC) - Get Report were all higher.

Citigroup and Wells Fargo are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells C or WFC? Learn more now.

Pharmaceutical stocks were in rally mode after Democrats failed to secure the presidency and Republicans maintained control of the House and Senate. Democrats would likely have reined in rampant price gouging from pharmaceutical companies. Merck(MRK) - Get Report , Pfizer(PFE) - Get Report and Sanofi(SNY) - Get Report moved higher.

A selloff in tech stocks pulled the Nasdaq sharply lower. Industry leaders including Amazon(AMZN) - Get Report , Apple(AAPL) - Get Report , Alphabet(GOOGL) - Get Report and Microsoft(MSFT) - Get Report were all deep in the red, while the Technology SPDR ETF (XLK) - Get Report fell 1.6%.

Apple and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL or GOOGL? Learn more now.

Crude oil prices fell on Thursday after production from Organization of Petroleum Exporting Countries hit another record high. The International Energy Agency found that OPEC output increased by 230,000 a day to 33.83 million barrels a day in October. OPEC currently has a target cap of 33 million barrels on production. OPEC are set to meet in Vienna later this month to discuss a possible production freeze.

West Texas Intermediate crude oil closed 1.77% lower at $44.47 a barrel on Thursday.

Jobless claims in the U.S. hit a one-month low in the past week, according to the Labor Department. The number of new claims for unemployment benefits decreased by 11,000 to 254,000. The less-volatile four-week average rose by 1,750 to 259,750.

Fitbit(FIT) - Get Report surged more than 3% on reports China-based firm ABM Capital had made a buyout offer worth $12.50 a share. The validity of the offer is under question, however. Fitbit has denied any offer was made.

ConocoPhillips(COP) - Get Report declined 2% after raising its share buyback program to $3 billion and announcing the sale of $5 billion to $8 billion worth of assets in its North American natural gas division. The oil company also said it would cut capital expenditures in 2017.

TubeMogul (TUBE) rocketed more than 80% higher after Adobe(ADBE) - Get Report agreed to acquire the video ad platform for $540 million, or $14 a share. The deal is expected to close in the first quarter of 2017.

In earnings news, Shake Shack(SHAK) - Get Report jumped 10% after lifting its full-year sales outlook. The burger chain anticipates 2016 sales between $264 million and $265 million, higher than a previous range of $253 million to $256 million. Shake Shack also reported a 40.2% increase in third-quarter sales, while same-store sales rose 2.9%.

SodaStream(SODA) - Get Report traded at its highest level in two years after a better-than-expected quarter. The homemade soda company benefited from a renewed focus on sparkling water sales. Revenue from its sparkling water starter kits rose 23%.

Kohl's(KSS) - Get Report jumped more than 11% after topping quarterly profit and sales estimates. The retail chain earned an adjusted 80 cents a share, a dime above expectations. Same-store sales fell 1.7%, as analysts expected, while revenue of $4.33 billion narrowly topped forecasts by $10 million. Kohl's also increased its stock repurchase program to $2 billion.

Mylan(MYL) - Get Report  slipped 1.7% after falling short of third-quarter earnings and sales estimates. The drugmaker reported a loss of 23 cents a share, a sharp reversal from profit of 83 cents a share a year earlier. The large loss was largely tied to a $465 million settlement with the Department of Justice. Adjusted earnings came in at $1.38 a share, missing estimates of $1.45.

Macy's(M) - Get Report climbed more than 5% after announcing a series of real estate deals. The company has partnered with Brookfield to manage its current real estate portfolio, which includes a "pre-development plan" for 50 of its assets. The retail chain also missed third-quarter estimates and revised down its full-year sales outlook. Third-quarter same-store sales of 2.7% missed estimates of 2.8%.